The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna
Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Company.
Cash 34,750
Accounts Receivable 9,750
Office Supplies 2,525
Store Supplies 4,785
Machinery 10,750
Accumulated Depreciation 2,150
Accounts Payable 14,300
Notes Payable 11,500
Ladonna Douglas, Capital 53,725
Ladonna Douglas, Drawing 13,250
Service Revenue 41,500
Wages Expense 37,425
Rent Expense 3,000
Advertising Expense 2,750
Office Supplies Expense 1,465
Store Supplies Expense 2,150
Depreciation Expense 575
123,175 123,17

Answer: See explanation

Explanation:

The journal entry is given below:

Jul-31

Dr Service Revenue $41,500

Cr Income summary $41,500

Jul-31

Dr Income summary $47,365

Cr Wages expense $37,425

Cr Rent expense $3,000

Cr Advertising expense $2,750

Cr Office supplies expense $1,465

Cr Store supplies expense $2,150

Cr Depreciation expense $575.

Jul-31

Dr Retained earnings = ($47,365-$41,500) = $5,865

Cr Income summary $5,865

Jul-31

Dr Dividends $13,250

Cr Retained earnings $13,250

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2. Choose a product you're familiar with, and then write answers to the following.
a. Give an example of natural capital that is used to make this product. (Complete
sentences are not necessary. 2.0 points)
b. Give an example of human capital that is used to make this product. (Complete
sentences are not necessary. 2.0 points)